ABUJA — A Federal Capital Territory (FCT) High Court in Abuja on Thursday, January 5, 2026, sentenced former Managing Director of the Nigerian Export-Import Bank (NEXIM), Robert Orya, to a cumulative 490 years in prison for fraud involving N2.4 billion.
Justice F.E. Messiri convicted Orya on all 49 counts of fraud, money laundering, and abuse of office brought against him by the Economic and Financial Crimes Commission (EFCC). The judge sentenced him to 10 years imprisonment on each of the 49 counts, resulting in the total of 490 years.
However, the court ordered that the sentences run concurrently, meaning Orya will effectively serve a maximum of 10 years behind bars, subject to any possible appeals or reductions.
The judgment followed a prolonged trial that began after the EFCC arraigned Orya in 2018. Prosecuting counsel Samuel Ugwuegbulam led the case, alleging that Orya, while serving as NEXIM Managing Director between 2011 and 2016, fraudulently diverted and misappropriated funds meant for export financing and trade promotion.
According to the EFCC, the offences included awarding fictitious contracts, approving irregular loans without due process, and laundering proceeds through various accounts and companies. The total sum involved in the charges was put at N2.4 billion.
In delivering the verdict, Justice Messiri found that the prosecution had proved its case beyond reasonable doubt on all counts. The judge described the offences as serious breaches of public trust, given Orya’s position as head of a critical development finance institution established to support Nigerian exporters and non-oil exports.
The court also ordered the forfeiture of assets traced to the proceeds of the crime, including bank accounts, properties, and other items linked to the fraudulent transactions. Specific details of the forfeited assets were not fully enumerated in the open court session but are expected to be detailed in the formal judgment copy.
Robert Orya, who held the NEXIM position for five years under the administration of former President Goodluck Jonathan, has consistently denied the allegations. His legal team argued during the trial that the transactions were legitimate banking activities carried out in line with the bank’s mandate and board approvals. They further contended that certain charges were statute-barred and that the prosecution failed to establish criminal intent.
Following the conviction, Orya’s counsel indicated plans to appeal the judgment, describing it as harsh and asserting that the concurrent sentencing structure, while standard, still reflects an overly punitive approach to the case.
The EFCC welcomed the verdict as a significant milestone in its campaign against corruption in public institutions. A spokesperson described the conviction as “a strong message that no one is above the law, especially those entrusted with public funds meant for national development.”
NEXIM Bank, established in 1991 to provide export financing, credit insurance, and guarantees, plays a key role in Nigeria’s non-oil export sector. The long-running case has been closely watched by stakeholders in the financial and export communities, who see it as part of broader efforts to improve governance and accountability in development finance institutions.
The sentencing adds to a growing list of high-profile convictions secured by the EFCC in recent years against former chief executives of government agencies and banks. While the 490-year headline figure has drawn public attention, legal analysts note that the concurrent nature of the sentences means the practical custodial term will not exceed 10 years unless the appeal process alters the outcome.
Orya remains in custody pending any application for bail pending appeal. The full written judgment is expected to be made available in the coming days, providing detailed reasoning and orders on restitution and forfeiture.
The case underscores ongoing challenges in Nigeria’s public finance sector, where allegations of mismanagement and fraud have persisted despite reforms aimed at strengthening oversight and transparency.
